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Aditya Birla Health Insurance Claim Settlement Ratio: A Comprehensive Guide

Introduction:

Aditya Birla Health Insurance, a prominent player in the insurance sector, is renowned for its commitment to providing robust healthcare coverage. This comprehensive guide aims to shed light on a critical aspect of insurance evaluation – the Claim Settlement Ratio (CSR) of Aditya Birla Health Insurance. Understanding this ratio is pivotal for policyholders, as it reflects the insurer’s ability to fulfill claims promptly and efficiently.

Aditya Birla Sun Life Claim Settlement Ratio 2006 to 2022

ABSL claims that trust and protection are the two main blocks of relationships with their customers. Claim settlement is always a top priority for any insurer. We have made a list of individual death claim settlement ratios by amount of claims paid and by number of claims paid by Aditya Birla Life Insurance.

Aditya Birla Sun Life Claim Settlement Ratio by Number of Claims 2006 to 2022

Financial Year Total Claims Registered Total Claims Paid Claim Settlement Ratio in % Claims Repudiated (Not paid)
2020-21 6,474 6,347 98.04% 116 (1.79%)
2019-20 5,162 5,035 97.54% 108 (2.09%)
2018-19 5,260 5,110 97.15% 126 (2.40%)
2017-18 5,491 5,292 96.38% 154 (2.80%)
2016-17 6,048 5,727 94.69% 240 (3.97%)
2015-16 7,204 6,372 88.45% 566 (7.86%)
2014-15 8,453 8,056 95.30% 255 (3.02%)
2013-14 9,197 8,071 87.76% 880 (9.57%)
2012-13 9,871 8,149 82.55% 1,278 (12.95%)
2011-12 10,914 9,925 90.94% 958 (8.78%)
2010-11 9,832 9,307 94.66% 491 (4.99%)
2009-10 5,921 5,275 89.09% 629 (10.62%)
2008-09 2,757 2,457 89.12% 286 (10.37%)
2007-08 1,460 1,334 91.37% 109 (7.47%)
2006-07 577 456 79.03% 111 (19.24%)
Source : IRDAI Annual Report

 

Aditya Birla Sun Life Claim Settlement Ratio by Amount of Claims 2006 to 2022

Financial Year Total Claims Amount (₹ in Crore) Total Claims Paid Amount (₹ in Crore) Claim Settlement Ratio in % Claims Repudiated (Not paid) in Cr.
2020-21 472.65 440.26 93.15% 28.75 (6.08%)
2019-20 371.05 342.89 92.41% 24.36 (6.56%)
2018-19 306.90 276 90.07% 21 (6.73%)
2017-18 274.17 248.16 90.51% 16.26 (5.93%)
2016-17 299.54 271.98 90.80% 15.14 (5.05%)
2015-16 277.51 215.97 77.82% 37.40 (13.48%)
2014-15 319.28 278.08 87.10% 23.47 (7.35%)
2013-14 344.82 268.14 77.76% 56.64 (16.43%)
2012-13 321.82 224.21 69.67% 64.72 (20.11%)
2011-12 280.64 225.66 80.41% 53.09 (18.92%)
2010-11 213.03 185.96 87.29% 25.11 (11.79%)
2009-10 130.21 102.76 78.92% 26.46 (20.32%)
2008-09 74.50 59.11 79.34% 14.62 (19.63%)
2007-08 38.13 31.06 81.46% 4.28 (11.22%)
2006-07 21.60 14.84 68.70% 4.51 (20.87%)
Source : IRDAI Annual Report

 

What is a Claim Settlement Ratio?

  • Claim Settlement Ratio (CSR) is the percentage (%) of claims paid by an insurer out of the total number of claims filed in a year. Higher the CSR, the more reliable the insurance company is.
  • Every year IRDAI publishes their annual reports which contain CSR of all the 25 life insurance companies.

 

How is a claim settlement ratio calculated?

Claim settlement ratio is calculated by the following formula:

Claim settlement ratio (CSR) (Total number of claims paid in a year / Total number of claims filed in a year) X 100

Let’s understand this with the help of an example,

Suppose an insurance company A receives 1,000 claims within a year, out of which it settles 900 claims and rejects 100 claims.

So, the claim settlement ratio of company A would be = (900/1000) X 100 = 90%

Step 1: Understanding Claim Settlement Ratio (CSR) Begin your exploration by grasping the fundamental concept of Claim Settlement Ratio (CSR). This section outlines what CSR represents – the percentage of claims settled by the insurance company against the total claims received. A higher CSR is indicative of a favorable track record in honoring claims.

Step 2: Importance of CSR in Insurance Selection Explore the significance of CSR when selecting an insurance provider. This step emphasizes why CSR is a crucial factor for policyholders, as it instills confidence in the insurer’s reliability and commitment to fulfilling financial obligations during healthcare crises.

Step 3: Aditya Birla Health Insurance’s CSR Over the Years Delve into the historical perspective of Aditya Birla Health Insurance’s CSR. This section provides a year-wise breakdown of the CSR, showcasing trends and consistency. Policyholders can assess the insurer’s performance over time, ensuring a comprehensive evaluation of its claim settlement practices.

Step 4: Factors Influencing CSR Understand the various factors that influence an insurer’s CSR. This involves an examination of Aditya Birla Health Insurance’s approach to risk management, underwriting practices, and customer service. A deep dive into these factors provides insights into the insurer’s overall operational efficiency.

Step 5: Transparency in Claim Settlement Explore the transparency maintained by Aditya Birla Health Insurance in the claim settlement process. This step outlines the measures taken by the insurer to communicate openly with policyholders, providing clarity on the claims process, required documentation, and expected timelines for settlement.

Additional Information:

  • Comparative Analysis with Industry Averages: Showcase a comparative analysis of Aditya Birla Health Insurance’s CSR against industry averages. This allows policyholders to benchmark the insurer’s performance against industry standards, providing a broader context for evaluation.
  • Customer Testimonials and Experiences: Highlight customer testimonials and real-life experiences related to claim settlement with Aditya Birla Health Insurance. These anecdotes offer firsthand insights into the insurer’s responsiveness, empathy, and efficiency in handling claims.
  • Steps for Initiating a Claim: Provide a step-by-step guide on initiating a claim with Aditya Birla Health Insurance. This includes information on documentation, online claim submission, and the customer support channels available for policyholders seeking assistance during the claims process.

By navigating through these steps and additional information, individuals can gain a comprehensive understanding of Aditya Birla Health Insurance’s Claim Settlement Ratio. Whether considering a new policy or seeking reassurance regarding claim fulfillment, this guide serves as a valuable resource for individuals looking to ensure peace of mind with Aditya Birla Health Insurance.

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